After it was said that the inflammable phrase white monopoly capital should be dropped, when the erstwhile finance minister argued at the committee st up by the ANC, President Jacob Zuma says that white monopoly capital is a reality in the country.
Zuma engaged with African National Congress (ANC) Youth League supporters at a Nelson Mandela Memorial lecture in Nyanga on Monday night.
The event was attended by amongst others, the party’s deputy secretary-general Jessie Duarte and provincial youth league chairperson Muhammad Khalid Syed.
The ANC’s top six descended on the Western Cape this weekend, in a bid to address leadership battles within party structures.
Zuma has also stressed the importance of achieving radical economic transformation.
“The patterns of ownership and management and control so that it’s not done by a few which we call white monopoly capital. Those that say that one doesn’t exist, live in another country, not in South Africa.”
The ANC, at its national policy conference earlier this month, agreed that the party should not use the phrase white monopoly capital to describe the problems in the economy.
Instead, the majority of the party’s commissions have said that capital is a global phenomenon that manifests itself in different ways in different parts of the world.
Supporters of President Zuma had wanted the party to adopt the phrase white monopoly capital when defining the economy.
Joel Netshitenzhe of the party’s strategy and tactics commission says capital is different in different parts of the world.
“That relationship we were describing would apply whether that capitalist is Japanese, Indian, white or whatever other category you can think about.”
But he also says that it cannot be ignored that there is white dominance in the economy.
Former President Thabo Mbeki last week said that white monopoly capital was not the enemy and that some people are abusing the term because it’s a sexy and popular slogan.
The former president seemed to take a jab at President Zuma, who told the MK military veterans last month that white monopoly capital is the enemy of the national democratic revolution.
“So when somebody comes to you to say the principal enemy of the national democratic revolution is white monopoly capital and things like that. I know the role of monopoly capital.”
He says people must be careful of describing white monopoly capital as the enemy.
“Who is this enemy? You’re obliged to say the Rupert’s and others.”
Mbeki says there must be an understanding of what’s happening to the South African capitalist economy.
“Because if we misdiagnose the problem, the cure is going to be wrong.”
The former president says people must avoid being driven by popular slogans.